The concept of citizenship has been around since the days of classical antiquity, as the Greek city-states and the Romans defined the meaning of citizenship and the rights and obligations that come with it.
Since then, the concept has remained similar, but the rapid globalization of the world has complicated the matter of citizenship. In this piece, we will take a look at what citizenship is, how you can acquire it through investment, and what countries offer citizenship by investment programs.
What is citizenship?
Citizenship is a legal status that confers certain rights, privileges, and responsibilities upon individuals within a specific country or nation-state. It is the formal recognition of a person’s membership in a particular political community and entails a sense of allegiance and loyalty to that community.
Citizenship grants individuals various rights and benefits, such as the right to live and work in the country, access to public services and welfare programs, the ability to participate in political processes like voting and running for office, and protection under the law. It also entails responsibilities, including obeying the laws of the country, paying taxes, and potentially serving in the country’s defense forces if required.
Citizenship carries both civil and political rights. Civil rights encompass individual liberties, such as freedom of speech, religion, and movement, while political rights include the ability to participate in the democratic process, such as voting in elections and running for public office. These rights are protected and guaranteed by the country’s laws and constitution.
Citizenship can also come with obligations and duties to the country, including loyalty to its values, defense of its interests, and adherence to its laws. In return, citizens can expect the protection and support of their government and the opportunity to actively contribute to the nation’s development and welfare.
Overall, citizenship is a legal and social bond that connects individuals to a particular country, granting them rights, privileges, and responsibilities while fostering a sense of belonging and identity within a larger community.
Citizenship can be acquired in different ways, depending on the country’s laws and regulations. It is typically obtained by birth within a particular country (known as birthright citizenship), descent from citizens, or through a legal process called naturalization. Naturalization involves fulfilling certain requirements, such as a specified period of residency, language proficiency, knowledge of the country’s history and government, and passing a citizenship test.
However, the simplest route to acquiring citizenship is through investment, and luckily a host of countries throughout the globe offer citizenship by investment programs.
What is citizenship by investment?
Citizenship by investment, also known as economic citizenship, is a process that allows individuals to obtain citizenship or residency rights in a country by making a significant financial contribution or investment into the granting country’s economy. In this arrangement, individuals can acquire citizenship or residency status in the destination country without the need for traditional criteria such as birth, descent, or lengthy periods of residence.
Citizenship by investment programs are typically established by governments to attract foreign direct investment, stimulate economic growth, and enhance global mobility. These programs provide a legal pathway for individuals to obtain a second citizenship or residency by meeting specific financial requirements set by the host country.
The requirements and investment options vary from one country to another, but commonly accepted forms of investment include purchasing real estate, making a financial contribution to a government fund, investing in government bonds or approved businesses, or creating job opportunities through entrepreneurial ventures. The investment thresholds and eligibility criteria can vary significantly depending on the program and the country offering it.
By participating in a citizenship by investment program, individuals can gain access to numerous benefits and opportunities. These may include visa-free or visa-on-arrival travel to multiple countries, increased global mobility, expanded business prospects, access to better healthcare and education systems, and enhanced personal security and stability.
Citizenship by investment programs are subject to strict regulations and due diligence procedures to ensure the integrity and security of the host country. These measures are implemented to verify the legitimacy of the applicants, screen for potential security risks, and protect against money laundering and illegal activities.
Citizenship by investment programs have gained popularity in recent years as an attractive option for high-net-worth individuals, investors, and business professionals seeking to diversify their citizenship portfolio, improve their global mobility, and enjoy the benefits of residing in multiple countries. However, it is essential to thoroughly research and understand the specific requirements and legal implications of each program before deciding to pursue citizenship by investment.
Common Investment Asset Classes in Citizenship by Investment Programs
There exists a diverse range of investment options that, if approached correctly, can lead to obtaining citizenship. Interestingly, investors’ preferences for specific investment asset classes can guide them toward particular programs that offer those options.
The most prevalent investment asset classes in the realm of investment migration encompass real estate, government bonds, loan capital, banking products, non-refundable contributions, and business establishment investments.
Real Estate
Acquiring real estate stands out as a highly favored investment choice. This avenue enables investors to possess a tangible asset that they can utilize, lease, or sell for profit when the market flourishes.
In the context of citizenship programs, real estate investments typically require investors to maintain ownership of the property for a specified period. For instance, Turkey mandates that citizenship by investment applicants retain ownership for at least three years, although many investors opt to sell after five years to take advantage of substantial tax exemptions.
In programs such as those in Turkey and Malta, investors have the flexibility to purchase one or multiple properties, crafting a real estate portfolio aligned with their preferences and objectives. They can choose to utilize the property or lease it to generate returns.
Real estate investments can also manifest as acquiring preferred shares in resorts or hotels. This practice is particularly prevalent in Caribbean citizenship by investment programs. However, branded properties are also gaining traction in Turkey.
Government Bonds
Government bonds present a highly secure investment option available through various citizenship by investment programs. The process of purchasing government bonds, or securities, is straightforward. The yield on these bonds varies based on factors such as bond type, holding duration, and investment currency.
All programs that offer government bonds as an option require investors to retain their investment for a specific period. For instance, Saint Lucia stipulates a minimum holding period of five years, while Turkey sets it at three years. At the maturity of the bond, the funds are returned to the investor, making government bonds a reliable means of diversifying one’s asset base and safeguarding wealth.
Banking Products
Turkey’s citizenship by investment program provides the option of investing in banking products, which can be direct deposits in local bank accounts or long-term deposits.
In Turkey, applicants have the freedom to choose a bank they are comfortable with or even split their investment among multiple banks, provided they meet the minimum investment requirement.
While banking products offer safety, the return on investment (ROI) from such assets is often comparatively lower than that of other major investment types.
Non-refundable Contribution
Most citizenship by investment programs allow applicants to apply by contributing a specified amount to a government-run fund or treasury.
These contributions, referred to as donations, are one-time and non-refundable, meaning they will not be reimbursed. However, the minimum threshold for donations is usually significantly lower compared to other investment categories.
Business Investments
Business investments can take two forms: establishing a business from scratch or investing in a local business by acquiring share capital.
Different citizenship by investment programs have different requirements and investment thresholds, and it usually comes with a higher price tag than the other investment options. It may also require certain criteria to be met in terms of partnerships, employment, funding, or otherwise.
Benefits of Obtaining A Second Citizenship
The benefits of obtaining a second citizenship are boundless, and the exact benefits will come down to what each individual investor needs and what their objectives are.
However, there is a list of the most common benefits one can obtain from getting a second citizenship through investment, which include:
Enhanced Global Mobility
One of the most significant advantages of obtaining a second citizenship is the opportunity for enhanced global mobility and visa-free travel. This benefit opens up the world for investors, freeing them from the shackles of visas or nationality-based sanctions.
Many countries that offer citizenship by investment programs, including those in the Caribbean, maintain close ties with the UK and EU. They actively work towards signing visa-free travel agreements with as many countries as possible. This increased travel freedom allows investors to avoid the complexities of obtaining visas and grants them unrestricted access to destinations worldwide.
Another crucial aspect to consider is that due to their relatively smaller size or political stance, these countries often enjoy a neutral position in the global political spectrum. This neutrality enables them to secure visa-free access to countries across different political divides. This means that individuals, particularly those from countries on the extremes of the global political spectrum, who need to travel to countries not covered by their home passport’s visa-free travel list may find them included in the visa-free destinations of a second citizenship, making global travel more convenient.
A robust Plan B
Moreover, having a second citizenship acts as a valuable contingency plan, especially in times of global border closures like the ones experienced during the pandemic. Holding a powerful second passport provides an optimal solution when faced with travel restrictions. For instance, during the pandemic, various passports lost access to a significant number of destinations, while individuals with a second citizenship were able to maintain a substantial portion of their visa-free access capabilities.
This contingency plan is particularly important as political strains between countries can result in the termination of visa-free access treaties. A second passport mitigates such issues by providing an alternative travel document.
Furthermore, a considerable number of high net worth Americans seek to renounce their citizenship each year, often to alleviate themselves from burdensome citizenship-based taxation. Having a robust second citizenship becomes crucial for these individuals. Caribbean and Maltese citizenship by investment offers strong passports that provide visa-free access to highly desired locations such as the EU, UK, Singapore, and more.
Efficient Tax Planning
Investing in a second citizenship also offers significant benefits in terms of efficient tax planning, especially in the Caribbean. These countries have favorable tax regimes that do not impose global income, capital gains, wealth, or inheritance taxes. This allows high-net-worth individuals to optimize their tax structures and maximize their wealth.
This tax advantage is particularly appealing to individuals coming from countries with stringent tax requirements, such as the US or the Netherlands. By obtaining a Caribbean citizenship, individuals can shift their major tax base to their second home, reducing their tax obligations in their country of origin. It also serves as a risk mitigation tool in case their home country decides to raise taxes or change tax laws. For instance, recent tax reforms in the US targeting the wealthy have prompted some individuals to explore Caribbean citizenship as a means to alleviate their tax burden.
India is also considering implementing nationality based taxation, and if that comes to fruition, a second citizenship can really help wealthy Indians find a solution to this problem.
Malta also has a non-dom tax regime that many can take advantage of to restructure their tax burden, and although it is not as beneficial as the Caribbean’s no tax regimes, it is still an upgrade on tax rates found in high-tax countries such as the US, China, and more.
Greater Business Opportunities
Conducting global business can be challenging for individuals operating from sanctioned countries or countries with fragile global relationships. Having a second citizenship and establishing a business in one of these countries enables international entrepreneurs to engage in international business more smoothly. The Caribbean nations, Malta, and Turkey boast exceptional financial service sectors and banking capabilities.
Additionally, Caribbean currency, the Eastern Caribbean Dollar, is pegged to the USD, providing added stability to local businesses and benefitting American business owners by ensuring a consistent exchange rate.
Even entrepreneurs from pro-business countries like the US can benefit from the Caribbean’s business environment, especially when it comes to investments in cryptocurrency.
By allowing a Caribbean Limited Liability Company (LLC) to conduct business on their behalf, US citizens can overcome obstacles and participate in new coin offerings or major deals outside the US.
Those looking for larger markets can always consider Malta as a gateway to the EU, which is one of the world’s largest economic superpowers, or Turkey, which has been steadily growing its economy and supply chain prowess to become a major player in the global field.
Robust Wealth and Asset Protection
The Caribbean countries offering citizenship by investment programs also excel in wealth management and asset protection. Their advanced financial service sectors provide secure and private banking, safeguarding investors’ assets and records from intrusive eyes.
Moreover, these nations offer various wealth protection tools, such as offshore banks, offshore trusts, and specialized bonds. These tools enable investors to protect their assets and maximize their wealth. For US citizens seeking to alleviate their tax burden while protecting their wealth, offshore trusts can be particularly advantageous. Offshore trusts in the Caribbean fall outside the jurisdiction of the US and UK Court Systems, providing an additional layer of protection against court-ordered liquidation or payment to creditors.
Malta also has a strong financial service sector that allows for banking under EU regulations while maintaining a high level of privacy that is usually unavailable in bigger, tax-oriented countries that want to know exactly what an investor has in their bank account.
Elevated Safety and Security
Obtaining a second citizenship offers individuals an invaluable contingency plan in times of political turmoil or foreign aggression. Citizenship by investment has emerged as a robust “Plan B” worldwide. It provides a quick route of escape and a second home to seek refuge until political instability is resolved. This level of safety and security is crucial, considering the unpredictability of global events.
For instance, the US and India’s current ranking on the Global Peace Index highlight the declining safety standards in the nation. Having a second citizenship offers investors an additional layer of protection if the situation deteriorates in their home country.
Immigration Springboarding
The concept of “immigration springboarding” refers to the strategic use of a second citizenship to facilitate the process of immigrating to another desired country. By obtaining a second citizenship through programs like citizenship by investment, individuals can leverage the benefits and privileges of their new citizenship to navigate immigration processes more smoothly.
Certain countries offer preferential treatment or accelerated immigration processes for individuals holding citizenship from specific nations. By acquiring a second citizenship from such a country, individuals can gain access to streamlined immigration programs or special immigration privileges. These may include expedited processing, reduced documentation requirements, or simplified eligibility criteria. It can significantly simplify and expedite the immigration process, making it more accessible and less burdensome.
For example, Turkish citizens benefit from various immigration channels that are tailored to their specific needs. For instance, countries like the Netherlands and Germany within the European Union have streamlined requirements for Turkish citizens seeking to migrate, offering a more favorable path compared to individuals of other nationalities.
Moreover, Turkish citizens have the opportunity to apply for the US E2 visa. However, those who acquire Turkish citizenship through investment must fulfill a residency requirement of three years in Turkey before they can apply for the E2 visa as Turkish citizens. This avenue allows Turkish citizens to explore business and investment prospects in the United States.
Another advantage of holding a Turkish passport is the facilitated visa acquisition process for certain nationalities facing global sanctions. The Turkish passport can simplify obtaining visas, including the Schengen visa, for individuals from these sanctioned nations. This eases travel restrictions and enhances mobility for those who would otherwise face more challenges in visa application procedures.
Countries That Offer Citizenship By Investment
There are currently eight different countries that offer citizenship by investment programs, they are:
Antigua & Barbuda
Antigua & Barbuda’s Citizenship by Investment Program stands out as a renowned option in the Caribbean region. From 2016 to 2019 alone, it garnered over 1,750 approved applications, solidifying its status as one of the world’s most popular programs. This program offers a seamless and efficient process, making it highly attractive to individuals with large families. Successful applicants gain access to a passport that grants them visa-free travel to more than 150 destinations worldwide, including the UK, EU, and other nations.
Antigua & Barbuda’s program accommodates the inclusion of various family members in the application, such as spouses, dependent children below the age of 30, parents, and grandparents (including in-laws). The program provides three investment options, with an average processing time ranging from 3 to 6 months.
| Antigua & Barbuda Investment Options | |
|---|---|
| Non-refundable contribution to the National Development Fund (NDF) | Starting at US$ 100,000. |
| Real Estate Investment | Minimum of US$ 200,000 |
| Donation to the University of West Indies Fund (UWIF) | Starting at US$ 150,000 for a family of six. |
| Approved Business Investment | Starting at US$ 1,500,000 |
Dominica
Dominica, another Caribbean nation with a highly sought-after Citizenship by Investment Program, offers an affordable pathway to a great passport. The structure of Dominica’s program is similar to that of Antigua’s. Possessing a Dominica passport provides considerable mobility advantages, granting visa-free access to 143 destinations worldwide, including the EU and UK.
Dominica relies significantly on its program for economic development, with program proceeds contributing to the funding of the nation’s first international airport. Recognizing its economic significance, the Dominican government diligently works to expand the number of visa-free agreements with important countries globally. The program permits the inclusion of a spouse, dependent children, parents, and grandparents of the main applicant or the spouse.
| Dominica Investment Options | |
|---|---|
| Non-refundable contribution to the National Development Fund (NDF) | Starting at US$ 100,000 |
| Real Estate Investment | Minimum of US$ 200,000 |
Grenada
Grenada, another member of the Eastern Caribbean, offers its own Citizenship by Investment Program with a structure similar to that of its neighboring countries.
Possessing a Grenadian passport grants visa-free travel to 144 destinations worldwide, including the UK, EU, and China.
Grenada provides investors with two investment options and boasts a swift processing time of 3-6 months. What distinguishes Grenadian citizenship is its eligibility for the US E2 business visa, making it an exceptional and cost-efficient avenue to acquire a second citizenship and a residency card in the USA. This unique benefit contributes to the program’s popularity, evident from the 1,226 applications received between 2015 and 2019.
| Grenada Investment Options | |
|---|---|
| Donation to the National Transformation Fund (NTF) | Starting at US$ 150,000 |
| Real Estate Investment | Minimum of US$ 220,000 |
Malta
Malta introduced a new citizenship by investment program, replacing its previous Immigrant Investor Program (IIP). The new program, known as the Maltese Exceptional Investor Naturalization (MEIN) program, offers an expedited pathway to citizenship through residency. The MEIN offers investors the chance to become citizens after one or three years, depending on the amount they contribute to the Maltese economy.
Under this program, investors, along with their spouse, have the option to include their dependent children, parents, and grandparents in the application. Successful applicants obtain Maltese residency, which can lead to citizenship after residing in Malta as a tax resident for either one or three years, depending on the chosen contribution amount.
The Maltese EU passport holds significant global strength, granting visa-free travel to an impressive 186 destinations worldwide, including the US, Canada, EU, and numerous other countries.
| Malta Investment Options | |
|---|---|
| Contribution | |
| One year till naturalization | € 150,000 |
| Three years till naturalization | € 600,000 |
| Real estate | |
| Purchasing real estate for | € 700,000 |
| Renting real estate for an annual amount of | € 16,000 |
| Donation | |
| Donation to a pre-determined, approved NGO | € 10,000 |
St Kitts & Nevis
St. Kitts & Nevis, known as the pioneer of modern citizenship by investment, introduced its renowned program in 1984, and it has been thriving ever since. The structure of St. Kitts & Nevis’ CIP is similar to that of its Caribbean counterparts, or rather, other programs have adopted structures similar to this one.
St. Kitts & Nevis allows applicants to include their spouse, children, parents, siblings, and grandparents in their application, resulting in a passport that grants visa-free access to an impressive list of 157 destinations worldwide, including the UK, EU, Hong Kong, Singapore, and many more. St. Kitts & Nevis also offers an expedited processing service, available for a fee, guaranteeing that your application will be processed within 60 days.
| St. Kitts & Nevis Investment Options | |
|---|---|
| Donation to the Sustainable Island State Contribution (SISC) | Starting at US$ 250,000 |
| Real Estate Investment | Minimum of US$ 200,000 |
| Public Benefit Investment Option | Starting atUS$ 175,000 |
St Lucia
St. Lucia, the enchanting island nation renowned for its stunning yachts, marinas, exquisite cuisine, and luxurious resorts, is also celebrated for its enticing citizenship by investment program. This Caribbean nation offers a diverse range of investment options within its program. With 726 applicants recorded between 2016 and 2019, St. Lucia’s program stands as one of the most sought-after pathways to global mobility.
Similar to neighboring countries, St. Lucia allows applicants to obtain citizenship without requiring residency. Moreover, applicants and their spouses can include their dependent children, parents, and grandparents in a single application, resulting in a passport that provides visa-free travel to 146 destinations worldwide.
| St. Lucia Investment Options | |
|---|---|
| Government Bond Investment | Minimum of US$ 300,000 |
| Donation to the National Economic Fund | Starting at US$ 100,000 |
| Real Estate Investment | Minimum of US$ 200,000 |
| Enterprise (Business) establishment | At leastUS$ 3,500,000 |
Turkey
The Turkish Citizenship by Investment Program, boasting the highest number of published naturalizations, has experienced remarkable success since its launch in 2017. Following a slow start, the Turkish government significantly reduced the minimum investment requirements. As a result, applicants, along with their spouses and children, can now acquire Turkish citizenship for amounts as low as US$ 400,000.
With over 16,000 individuals naturalized under the program, it continues to thrive without signs of slowing down. While the Turkish passport may not match the global mobility strength of its Caribbean counterparts, it still provides visa-free access to 111 destinations worldwide and offers eligibility for the US E2 visa. The Turkish program offers a wide range of benefits, including a streamlined process with a processing time of 3-6 months and the advantages of being a Turkish citizen. Moreover, the program presents numerous investment options for prospective applicants to choose from.
| Turkey Investment Options | |
|---|---|
| Real Estate Investment | Minimum of US$ 400,000 |
| Invest in Fixed Capital | Minimum of US$ 500,000 |
| Deposit into a Turkish bank account and maintain the funds for 3 years | At least US$ 500,000 |
| Purchase Government Bonds | Worth at leastUS$ 500,000 |
| Real Estate Investment fund shares or Venture Capital Investment fund shares | Minimum of US$ 500,000 |
| Establish an enterprise creating jobs for at least 50 individuals. | |
Vanuatu
Vanuatu, the Pacific island nation known for its remarkable linguistic diversity, presents an intriguing proposition with its straightforward Citizenship by Investment Program.
Vanuatu’s program stands out as one of the simplest programs in the world, and its ease of processing has garnered significant interest, particularly during the COVID pandemic. Successful applicants obtain a Vanuatu passport, granting visa-free access to 97 destinations.
Vanuatu offers two investment options within its program. Applicants, along with their spouse, have the opportunity to include their dependent children, parents, and grandparents in a single application. Notably, Vanuatu boasts an expedited processing time of just two months, further facilitated by the government’s certified agents worldwide, ensuring a streamlined and simplified process.
| Vanuatu Investment Options | |
|---|---|
| Economic donation to the Vanuatu Government | Single applicant US$ 130,000 Family of four US$ 220,000 |
| Real Estate Investment | US$ 100,000 |
How To Get Started
This is the easiest part of the entire process, all you need to do to get started is contact us today to book a comprehensive consultation with one of our citizenship by investment experts.
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